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Parliamentary committee recommends 49 per cent cap on foreign investment in insurance

Parliamentary committee recommends 49 per cent cap on foreign investment in insurance

The Congress has already given its nod to the Bill paving the way for a long pending economic reform.

New Delhi: A Parliamentary Committee has recommended a composite cap of 49 per cent on foreign investment in insurance in a report tabled in Rajya Sabha on Wednesday.

The Select Committee report said that the cap on foreign investment in insurance include foreign direct investment and foreign portfolio investments.

The Congress has already given its nod to the Bill paving the way for a long pending economic reform. The Bill likely to now see a smooth sailing in the Upper House where the NDA govt does not have the numbers.

Some regional parties like Trinamool Congress, CPM, Samajwadi party and JDU are opposed to it.

Finance Minister Arun Jaitley said in his maiden budget speech in July that the "composite cap" in the insurance sector should be increased to 49 percent from the current level of 26 percent, with full Indian management and control.